Deputy Minister of Industry and Trade Dang Hoang An (Photo: VNA) Hanoi (VNA) - The Vietnamese Government hasissued a Resolution approving the UK-Vietnam Free Trade Agreement (UKVFTA) andwill complete procedures this month to officially bring it into force on May 1, DeputyMinister of Industry and Trade Dang Hoang An has said.
During phone talks with Minister of State for Trade Policy Greg Hands on March 16,An said the UKVFTA temporarily took effect from January 1 to ensure undisruptedtrade between Vietnam and the UK.
Hands expressed his thanks to the VietnameseGovernment and especially the Ministry of Industry and Trade for their closecoordination in signing and handling procedures to put the deal into force atthe earliest possible time.
An was also delighted at the ratification of theUKVFTA by the two nations.
Regarding the UK’s bid to join the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP), Hands thankedVietnam for its stance and support over recent times and expressed his hope of receivingfurther assistance to step up the process.
On the expansion of the CPTPP to other economies, Ansaid Vietnam will follow domestic procedures, including reporting to theNational Assembly for approval.
Both sides agreed to hold the 12th meetingof the Vietnam - UK Joint Economic and TradeCommittee (JETCO) in August if conditions allow, assign technical teams toreview the implementation of documents reached at JETCO 11, and offer specificsuggestions to JETCO 12 for discussion.
Garment sector puts high hope on EVFTA (Photo: VNA) According to the General Departmentof Vietnam Customs, two-way trade between Vietnam and the UK reached 1.024billion USD in the first two months of this year, a 20.05 percent increase year-on-year.The UK’s exports to Vietnam hit 96.3 million USD.
There is space for Vietnam’s exportsto the UK to grow, especially mobile phones, spare parts, apparel, footwear,aquatic products, wood and wooden furniture, computers and accessories, cashewnuts, coffee, and pepper.
Bilateral economic and trade ties areexpected to continue being a spotlight in the relationship./.
